The US sanctions hammer is coming down hard, and India’s feeling the reverberations in its crude oil imports. Sanctions imposed on Russian oil giants Rosneft and Lukoil are having a tangible impact, with November seeing a dramatic 66% plunge in shipments to India.
What’s driving this nosedive? Refineries are increasingly wary of running afoul of US penalties. The fear of being caught in the crosshairs is leading to a cautious approach, with reduced new orders and refineries expediting existing contracts to diversify their supply sources.
This situation puts Russian exporters in a bind. To keep the oil flowing, they’re reportedly turning to more opaque shipping methods, attempting to navigate the sanctions web. This adds complexity and uncertainty to the market, potentially increasing costs.
For India, this means a scramble to secure alternative energy sources. The long-term implications for India’s energy security and economic stability are still unfolding.
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